NetEase Cloud Music reported significant financial growth in 2024, with total revenue reaching $1.10 billion (CNY 7.95 billion), marking a 1.1% year-over-year increase. The company's core online music services saw particularly strong performance, with revenue jumping 23.1% to $737.85 million (CNY 5.35 billion).

Key Financial Highlights:

• Subscription revenue increased 22.2% to $614.45 million (CNY 4.46 billion)
• Social entertainment revenue declined 26.2% to $357.67 million (CNY 2.60 billion)
• Overall profit surged 113% to $215.71 million (CNY 1.57 billion)

Platform Growth:

• Long-form content consumption time increased 35.8%
• Platform hosts 773,500 registered independent artists
• Artists have contributed approximately 4.4 million tracks

Notable Developments:

• Successfully produced popular tracks including "Follow" and "Hai Shi Hui Xiang Ni"
• Secured partnerships with major K-pop companies including JYP Entertainment, Kakao Entertainment, and CJ ENM
• Preliminary agreement reached with SM Entertainment for catalog licensing
• One unnamed external customer contributed $110 million to annual revenue

The company's strategic focus on core music business and prudent operational approach in social entertainment services has contributed to its profitable growth, despite the competitive Chinese streaming market landscape.

The streaming service continues to benefit from synergies with NetEase Games and maintains direct interests in various musical works, although exclusive streaming rights are restricted in China due to government regulations.

Related Articles

Previous Articles